Business Context and Reporting Period
Company: América Móvil, S.A.B. de C.V. (NYSE: AMX, AMOV; BMV: AMX)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: Fourth Quarter and Full Year ended December 31, 2025
Filing Date: February 12, 2026
América Móvil is a leading telecommunications provider operating across Latin America and Europe. The filing details financial and operating results for Q4 2025, highlighting subscriber growth, revenue expansion, and significant improvements in profitability and cash flow generation.
Key Financial Metrics
| Metric (Q4 2025) | Value (MXN) | YoY Change (Nominal) | YoY Change (Constant FX) |
|---|---|---|---|
| Total Revenue | 244.9 billion | +3.4% | +6.2% |
| Service Revenue | 200.9 billion | +2.3% | +5.3% |
| EBITDA | 94.9 billion | +4.2% | +6.9% |
| EBITDA Margin | 38.8% | +30 bps | - |
| Operating Profit (EBIT) | 49.1 billion | +5.9% | +8.3% |
| Net Income | 19.1 billion | +369.6% | - |
| Free Cash Flow (Full Year) | 81.9 billion | +39.4% | - |
| Net Debt (End of Period) | 447.5 billion | -7.8% | - |
| Net Debt / LTM EBITDAaL | 1.52x | - | - |
Material Changes vs. Prior Period
- Subscriber Growth: Added 2.5 million net wireless subscribers in Q4, driven by 2.8 million postpaid net gains. Brazil led postpaid additions (644k), followed by Colombia (276k) and Mexico (135k). Total wireless base reached 331.2 million.
- Fixed-Line Expansion: Connected 524,000 new broadband accesses, with Mexico (184k) and Brazil (113k) as primary contributors. Total fixed-line RGUs reached 79.4 million.
- Profitability Surge: Net income jumped to 19.1 billion pesos (from 4.1 billion in Q4 2024), primarily due to comprehensive financing costs being roughly halved compared to the prior year.
- Revenue Mix: Mobile service revenue grew 6.2% at constant exchange rates, with postpaid revenue expanding 7.6%. Fixed-line service revenue increased 3.6%.
- Debt Reduction: Despite capital expenditures of 130.8 billion pesos and shareholder distributions of 45.1 billion pesos, the company reduced net debt by 20 billion pesos in cash flow terms during 2025.
Outlook, Risks, and Management Commentary
- Management Commentary: Management highlighted strong operating leverage and cost discipline. The incorporation of Chilean operations in late 2024 impacted year-over-year growth comparisons. The company emphasized a positive balance in mobile number portability in Mexico and Peru, indicating strong customer retention.
- Regulatory & Strategic Events:
- Brazil: Signed an agreement adapting long-distance switched fixed-telephony concessions to an authorization regime, removing asset encumbrances and reducing legacy obligations.
- Argentina: Full-year inflation closed at 31.5%, the lowest in eight years, supporting a disinflation trend. EBITDA grew 15.1% in constant peso terms.
- Europe: A1 Serbia secured 5G spectrum for 100 million euros and began deployment. Austria and Eastern Europe saw EBITDA growth of 7.4% excluding one-off items.
- Chile: Terminated a non-binding agreement with ENTEL regarding a joint offer for Telefónica's Chilean assets.
- Risks & Contingencies:
- Hyperinflation: Argentina results are presented under IAS29 (hyperinflationary accounting), which introduces volatility in reported figures.
- FX Volatility: The Mexican peso appreciated 9.6% against the USD in Q4, creating a divergence between nominal and constant currency growth rates.
- Competition: Intensified competition noted in Argentina's broadband sector and prepaid segments in Brazil and Chile.
Investor Verification Checklist
- Argentina Inflation Adjustments: Verify the impact of IAS29 hyperinflationary accounting on the comparability of Argentina's revenue and EBITDA figures.
- Financing Cost Reduction: Confirm the sustainability of the ~50% reduction in comprehensive financing costs driving the net income surge.
- Chile Integration: Assess the pro-forma impact of the Chilean acquisition on future growth rates, as Q4 2025 comparisons are skewed by the November 2024 incorporation.
- Free Cash Flow Quality: Review the reconciliation of non-IFRS Free Cash Flow to IFRS operating cash flows to ensure capital expenditure and working capital assumptions are realistic.
- Debt Maturity Profile: Examine the maturity schedule of the 524.9 billion pesos in total debt, particularly the 10 billion pesos in Global Peso-Denominated Notes reopened in November 2025.